Last week’s rate cut made it slightly cheaper to buy a home – on a home loan of R2 million, your monthly installment will be around R330 smaller.
If this was the enticement you needed to get on the property ladder, you’ll also find that it’s a buyer’s market out there. In the past months, only 2% of home-sellers sold their properties for their initial asking price.
But how much bang you’ll get for your buck will depend on your location.
We compared properties in various places in South Africa and found that R2 million could get you a 40m² flat in Cape Town – or a farm with a large double-story house in Mbombela.
Here are R2 million properties currently on sale across the country:
You can get a 2-bedroom flat of 98m² in the popular Melrose Estate cluster, with monthly rates of R2,200.
If you are in the market for something a bit bigger, this home also has a separate laundry and studio, with parking for three vehicles.
Situated in a cluster complex, the main bedroom is en-suite and all bedrooms are carpeted. It also has an automated double garage with direct access.
Described as a “modernly designed architectural masterpiece”, the house has a “sunken kitchen”, office and aircon throughout. The erf size is 1,223 hectares.
The house has three lounges, three garages with three carports, and two outside rooms with a toilet and a shower. The plot of more than 1,000m² also has a borehole with safe water.
Situated on a 1,064 m² erf, this property could be operated as a guest house. Each of the six rooms has its own kitchenette and en-suite bathroom.
Property24/Properties 4 UThe 1,490 m² plot contains a large house with 3 living areas, 6 bathrooms, a swimming pool, and double garages.
Situated on 2.1 hectares, the property is situated close to Mbombela. The farm has citrus trees for personal use and small camps for free-range chickens.
The 1,397m² property has a heated pool, a garage for 4 vehicles and double carport.
R2 million will buy you a 40m² one-bedroom apartment located “extremely high up” inside one of the tallest residential buildings on the Cape Town Foreshore. The apartment comes fully furnished and you will have access to an outdoor swimming pool and gym.
If you are looking for something slightly bigger, this “starter home” with a single bathroom on a 186m² plot is currently in the market.